Goldman Energy Research Head Greely Leaves for Bridgewater

Greely is joining the Westport, Connecticut-based employee-
owned hedge fund sponsor as a portfolio manager, said the
spokeswoman, who did not want to be identified.

Leslie Shribman, a New York-based spokeswoman for Goldman
Sachs, declined to comment.

Greely is known in part for forecasting Feb. 23 that West
Texas Intermediate’s discount to Brent oil would narrow to $5
within six months because the reversal of the Seaway pipeline by
Enterprise Products Partners LP and Enbridge Inc. (ENB) would ease a
bottleneck of oil in the center of the U.S. that had depressed
prices of WTI.

Seaway began moving oil May 19 to Texas refiners from
Cushing, Oklahoma. The spread shrank to $11.03 in June from
$15.79 on Feb. 23 before widening again. It was $22.73 a barrel
based on today’s settlement prices.

Greely’s prediction countered those of analysts at
Citigroup Inc. and Barclays Plc who said surging U.S. production
and limited pipeline space would keep Cushing supplies high and
the WTI-Brent spread wide.

WTI traded at an average 32-cent premium to Brent between
2005 and 2010.